With up to $20bn set to be splurged during China's annual 'Singles Day' shopping event, which takes place today, more British firms are being urged to get involved in the fun.

Originally founded by students Nanjing University in 1993 as a celebration of, well, being single, Singles Day has become one of the biggest online shopping events on the calender. Chinese e-commerce giant Alibaba says it is set for record sales this year, and Dom Joseph, CEO and co-founder of advertising tech firm Captify, believes it could rival Black Friday and Cyber Monday in terms of global popularity.

“With a record £11 billion being spent on Singles’ Day last year, the size of the opportunity on offer to UK brands and online retailers can no longer be underestimated or ignored," said Joseph.

"Top British brands, who have already jumped into the online retail market in China for Singles’ Day, such as Marks & Spencer, have seen huge sales surges and are already reaping the rewards that the day offers.

“Consumers, no matter where they are in the world, will always vote with their wallets and similarly to Black Friday, if Singles’ Day didn’t offer huge price discounts on products that consumers valued and wanted, it wouldn’t be nearly as successful as it has now become.

“In the next few years however, Singles’ Day also has the potential to become a global retail event, in much the same vein as Black Friday and Cyber Monday. As more and more western brands see the immense value that the day offers, they’ll likely offer the same online discounts on Singles’ Day to their customers outside of China to help to drive sales ahead of the busy Christmas period.”